Vietnam’s exports to CPTPP member countries increase sharply: report

Thursday, 2020-07-23 11:04:08
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Delegates at a working session between a supervision mission from the National Assembly Standing Committee and the Ministry of Industry and Trade on July 22, 2020. (Photo: VNA)
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NDO – Exports from Vietnam to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) increased sharply in 2019, according to a report from the Ministry of Industry and Trade (MOIT).

Reporting to a supervision mission from the National Assembly (NA) Standing Committee, the MOIT said that aside from Australia and Singapore, exports to other CPTPP markets in 2019 increased sharply compared to the previous year.

Of the six partners that have implemented the CPTPP, Vietnamese exports to Canada enjoyed the highest number, at 29.8%, followed by Mexico at 26.3%, according to the report delivered at a meeting on July 22.

The MOIT assessed that the effect on Vietnam of the trade pact within a year of its unveiling was positive, affirming its consistency with previous predictions and assessments.

Regarding the implementation of free trade agreements (FTAs), the MOIT’s report showed that Vietnam's total exports to markets it has signed FTAs with in 2019 stood at US$123.11 billion. Meanwhile, in 2004, Vietnam had only two FTA partners, ASEAN and China, with total export turnover of nearly US$7 billion.

In terms of the average export growth rate to FTA partner markets, India has averaged at 35.7% a year, the Republic of Korea 29.2%, Chile 28.9% and China 20.9%.

Given the results regarding FTA implementation as reported by the MOIT, participants at the working session agreed with a proposal from the ministry on the selection of partner countries to supplement Vietnam's economy through negotiations and the signing new FTAs.

They also suggested the Government, the MOIT and other concerned ministries and agencies find solutions to exploit the existing FTAs as best as possible in the interest of the economy and the people.